Firehose

Five major US tech giants, including Alphabet, Microsoft, Amazon, Meta, and Oracle, are hiding an estimated $1.65 trillion in debt off their balance sheets, with Meta alone having amassed around $420 billion in such debt, highlighting the precarious state of the AI industry's investment in AI. This debt is being concealed through special purpose vehicles, such as legally distinct subsidiaries, to make financial reporting appear healthier than it actually is. Experts warn of an AI bubble, citing the enormous gap between company valuations and profits. AI summary

David Vélez and Robin Vince join the boards of the OpenAI Foundation and OpenAI Group PBC, bringing global leadership in finance, technology, and governance.

Finance teams are struggling to keep pace with the rapid changes in unit economics driven by AI agents, which are now shaping compute costs, pricing, and revenue recognition. To stay ahead, finance must develop context and control, leveraging tools like Databricks to manage the complexity of these variables. AI summary